Onu laments lack of venture capitalists to support research products

The Minister of Science and Technology, Dr. Onu Ogbonnaya Onu, has identified the absence of venture capitalists in Nigeria, as a major factor militating against the nation’s technological advancement.

Speaking with journalists in Minna at a workshop organised by his Ministry last week, Onu lamented that unlike in other countries where business men run after inventors and invest heavily on research findings, the reverse is the case in Nigeria.

“Over there, they know that when they invest in 10 research findings, even if they lose in nine, the gains they will make in one will be enough to offset whatever losses they incurred in the other nine.

“Here, we don’t have venture capitalists, who are ready to invest in researches and make their money from it. In the advanced countries, businessmen run after inventors and invest heavily on research findings.”

Earlier in his address at the opening ceremony of the two-day national workshop on Nanotechnology and drawing up of national framework for the development and utilisation of Nanotechnology, Onu said the present administration is determined to change the direction the nation had followed in the past 56 years of independence.

“We need to embrace a new direction where science, technology and innovation will help our dear nation to become a world leader, self reliant, confident, peaceful, and prosperous at home, and is respected abroad.”

He said the application of Nanotechnology will promote wealth and jobs creation, help the nation fight and defeat poverty, “help our nation become self reliant so as to improve the standard of living of our people.”

The Permanent Secretary, Niger State Ministry of Environment, Aisha Umar, in her goodwill message described the workshop as very timely, stressing that her ministry will initiate a robust partnership with the federal counterpart.

She also promised that the state government will encourage afforestation and discourage deforestation.